Streetbeat News

Labor Issues

SPY

STLA

U.S. President Biden has urged companies to improve their offers to workers and hopes for a win-win agreement. He is sending U.S. officials Gene Sperling and Julie Su to Detroit to facilitate this.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 4:18 pm

SPY

STLA

U.S. President Biden has commented on the UAW strike, stating that he has been in touch with both parties involved. He noted that the record profits of the auto industry have not been shared fairly, leading to worker frustration. He emphasized the importance of respecting workers' rights to use their options, including strikes.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 4:17 pm

STLA

President Biden has tweeted about the ongoing contract negotiations between the United Auto Workers and the Big 3 auto companies. The Big 3 auto companies include Ford Motor Company (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 4:08 pm

STLA

Unions have called for a one-day strike at Stellantis' Italian Melfi plant on September 18 due to lack of communication on new models.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 3:58 pm

CARG

CarGurus Inc (NASDAQ:CARG) shares are trading lower by 4.1% to $17.54, despite the potential benefit from the UAW strike that could disrupt new vehicle production and drive used car prices higher. The increased demand for used cars could potentially drive up sales and revenues for CarGurus, leading to a rise in its stock price. The company's 52-week high is $24.22 and the low is $9.14.

Portfolio Pulse from Henry Khederian

September 15, 2023 | 3:47 pm

AMD

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NVDA

TSM

AMD's stock is trading lower due to Taiwan Semiconductor Manufacturing Company (TSMC) postponing the delivery of high-end chipmaking equipment. TSMC, a key AMD supplier, delayed production at its Arizona plant to 2025 due to recruitment difficulties and union opposition. This has triggered concerns over a supply crunch in the chipmaking sector. Meanwhile, Nvidia felt the competition as retailers Newegg and Amazon slashed prices of its GPUs as AMD launched its RX 7800 XT. There is also a looming threat from China's Huawei Technologies and SMIC amid efforts to build a domestic chip ecosystem.

Portfolio Pulse from Anusuya Lahiri

September 15, 2023 | 3:45 pm

ADNT

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APTV

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STLA

The United Auto Workers (UAW) union has initiated a strike against Detroit's three major automakers: Ford Motor Co, General Motors Co, and Stellantis NV. The strike may have repercussions on auto suppliers that provide vital components and services to these automakers. The Biden administration is considering extending emergency financial support to the affected auto suppliers. The strike has affected all three automakers at their respective assembly plants.

Portfolio Pulse from AJ Fabino

September 15, 2023 | 3:42 pm

AutoNation Inc (NYSE:AN) shares are trading lower by 3.76% to $153.24, pulling back following recent strength. The United Auto Workers (UAW) union has launched a simultaneous strike against the Detroit three automakers, which could disrupt new vehicle production and potentially drive used car prices higher. This could benefit AutoNation by driving up sales and revenues.

Portfolio Pulse from Henry Khederian

September 15, 2023 | 3:20 pm

CAR

CVNA

HTZ

KMX

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The United Auto Workers (UAW) union plans to strike against the major U.S. auto manufacturers, demanding pay increases and shorter work weeks. This could impact the value of cars, potentially increasing used car prices. Stocks of used car companies like Carvana Co, CarMax, AutoNation, and Vroom may benefit. The strike could also be beneficial for car rental companies like Avis Budget Group and Hertz Global Holdings. The 'big three' auto companies may need to focus more on capital discipline post labor negotiations.

Portfolio Pulse from Aaron Bry

September 15, 2023 | 3:11 pm

SPY

STLA

U.S. President Biden is expected to send administration officials Gene Sperling and Julie Su to Detroit to mediate auto strike talks, according to a Wall Street Journal reporter citing sources.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 2:42 pm